Joint Credit

DEFINITION of 'Joint Credit'

Credit issued to two or more people based on their combined incomes, assets and credit histories. Joint credit can be issued to multiple individuals or organizations. The parties involved accept joint responsibility for repaying the debt.

BREAKING DOWN 'Joint Credit'

Many married couples apply for joint credit. This is especially true with the purchase of a home. Joint credit is an issue and concern in divorce proceedings, under which the terms may give one partner responsibility for certain debts and the other partner responsibility for other debts. It is possible that subsequent to the divorce proceedings, the former partners may still affect one another's credit.

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RELATED FAQS
  1. Will jointly filing taxes have the effect of joining a couple's credit?

    The only thing that "joins" the credit of a married couple is the ownership of joint accounts. In other words, if there is ... Read Answer >>
  2. Does marrying someone with bad credit affect my credit score?

    Married couples generally maintain two separate credit records and histories. However, if you decide to take out a loan with ... Read Answer >>
  3. What is the difference between bad credit and no credit?

    The answer to this question will depend on what information (if any) is found on your credit report, such as any bankruptcy ... Read Answer >>
  4. What are the primary disadvantages of forming a joint venture?

    Learn the disadvantages to forming and maintaining a joint venture partnership, including factors business owners should ... Read Answer >>
  5. Do joint ventures need an exit strategy?

    Understand why an exit strategy is important for a business partnership such as a joint venture, and learn the options partners ... Read Answer >>
  6. Is it possible to have a credit limit that's too high?

    Avoid these pitfalls when working with high credit limits, and learn how to increase your credit score by increasing your ... Read Answer >>
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